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Normandin Beaudry

The decisions of the Accounting Standards Board on employee future benefits future benefits

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There, in black and white

NB Bulletin Vol. 10 N. 9, August 2007

In a bulletin published in April 2007 (Vol. 10, No. 5), we presented highlights of the Accounting Standards Board (ASB) Exposure Draft, which was proposing amendments to Section 3461 (Employee Future Benefits) of the Canadian Institute of Chartered Accountants (CICA) Handbook. The proposed modifications were an attempt of harmonization with the new US standards (Statement of Financial Accounting Standards No. 158) issued in September 2006, aim to improve the transparency and uniformity of companies’ balance sheets.

After considering the comments received on the Exposure Draft from a wide spectrum of stakeholders, the ASB decided at its most recent meeting to not proceed with the proposed modifications. In its summary of decisions made at this recent meeting, the ASB adds that although they continue to believe that the implementation of the proposed amendments would have enhanced Canadian financial reporting, its members agreed that now was not the right time to do it.

The ASB will now be focusing on the implications of adopting the international accounting standards, which is planned for 2011, and on the current project of the International Accounting Standards Board to amend these standards. We will make sure to keep you informed about these ASB’s projects.

Please feel free to contact one of our consultants for more information on the accounting standards and their potential modifications.

 

Please feel free to contact us for additional information.

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